Abbott Laboratories (NYSE:ABT) Issues Q2 2024 Earnings Guidance

Abbott Laboratories (NYSE:ABT) updated its second quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.080-1.120 for the period, compared to the consensus EPS estimate of 1.120. The company issued revenue guidance of -. Abbott Laboratories also updated its FY 2024 guidance to 4.550-4.700 EPS.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Citigroup raised their price target on Abbott Laboratories from $126.00 to $128.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Evercore ISI raised their price target on Abbott Laboratories from $120.00 to $125.00 and gave the company an outperform rating in a research report on Thursday, April 4th. TheStreet upgraded Abbott Laboratories from a c+ rating to a b- rating in a research report on Thursday, December 21st. Barclays raised their price objective on Abbott Laboratories from $133.00 to $141.00 and gave the company an overweight rating in a research note on Friday, January 26th. Finally, Raymond James raised their price objective on Abbott Laboratories from $124.00 to $127.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $122.14.

Abbott Laboratories Stock Down 3.1 %

NYSE ABT traded down $3.34 during mid-day trading on Wednesday, reaching $105.87. The stock had a trading volume of 9,542,902 shares, compared to its average volume of 5,637,811. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The stock has a market cap of $183.70 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 2.62 and a beta of 0.74. The company has a fifty day moving average price of $114.57 and a 200 day moving average price of $107.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.64 and a quick ratio of 1.16.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, January 24th. The healthcare product maker reported $1.19 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.19. The company had revenue of $10.24 billion during the quarter, compared to analyst estimates of $10.19 billion. Abbott Laboratories had a net margin of 14.27% and a return on equity of 20.65%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.03 EPS. On average, research analysts expect that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Friday, April 12th. Abbott Laboratories’s payout ratio is 67.48%.

Insider Activity

In other news, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $118.50, for a total transaction of $55,932.00. Following the completion of the sale, the vice president now owns 18,760 shares of the company’s stock, valued at approximately $2,223,060. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Abbott Laboratories news, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $118.50, for a total value of $55,932.00. Following the sale, the vice president now owns 18,760 shares in the company, valued at approximately $2,223,060. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 963 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $114,115.50. Following the completion of the sale, the executive vice president now owns 125,697 shares in the company, valued at approximately $14,895,094.50. The disclosure for this sale can be found here. Insiders sold a total of 56,435 shares of company stock valued at $6,451,298 in the last 90 days. Company insiders own 0.47% of the company’s stock.

Institutional Trading of Abbott Laboratories

Several hedge funds have recently bought and sold shares of the stock. Milestone Investment Advisors LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $117,000. Worth Asset Management LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $108,000. Hobbs Group Advisors LLC purchased a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $99,000. Tyler Stone Wealth Management purchased a new stake in shares of Abbott Laboratories during the 2nd quarter valued at about $61,000. Finally, Studio Investment Management LLC raised its position in shares of Abbott Laboratories by 125.0% during the 4th quarter. Studio Investment Management LLC now owns 450 shares of the healthcare product maker’s stock valued at $49,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.